$XRP activity on Binance recorded an important directional change in June, as wallet behavior moved more toward withdrawals.
Specifically, the Binance exchange’s 7-day net depositing and withdrawing wallet count fell from +26,200 on June 7 to -6,210 on June 30, according to on-chain data sourced by market resource CryptoQuant.
For context, this represents a 32,410-wallet swing over 23 days, which pushes Binance from a period where deposits dominated into one where more wallets are taking $XRP off the exchange than sending it in.
Notably, June 30 marks the first negative reading since July 9, 2025, when the figure only dropped to -1,350. The current level of -6,210 is about 4.6x deeper, indicating a much stronger move toward withdrawals than previously seen.
Across other exchanges, withdrawals now appear to outweigh deposits as well, suggesting that fewer participants are moving $XRP onto trading platforms. However, Binance still stands out, as the platform remains the only major exchange with a deeply negative net-wallet reading.
What the Data Can and Cannot Confirm
Despite the shift in net wallet flow on Binance toward negative readings, the metric has its limits. It tracks the number of wallets moving $XRP, not the amount being transferred. As a result, it cannot confirm whether large holders are accumulating.
For instance, a few wallets moving large amounts of $XRP would appear similar to many wallets moving smaller amounts. This means the idea of accumulation remains possible, but the data does not directly prove it.
What the data does clearly show is a change in Binance’s flow structure. Essentially, fewer wallets are sending $XRP to the exchange, while more are taking it off.
$XRP Eyes July Recovery After 22% Drop in June
This change in wallet flows happened alongside a decline in price, followed by a modest recovery. $XRP began June around $1.30 but dropped by about 22% during the month, reaching a low of $1.01 in late June before stabilizing.
At the start of July, $XRP traded between $1.04 and $1.09, placing it near its lowest level since early 2025. Interestingly, since then, the price has improved slightly, rising to $1.13 at press time and recording three straight intraday gains in July.
Amid the rebound push, the $1.00 level continues to act as an important support zone. This area has backing from a strong cost-basis cluster, where about 830 million $XRP last changed hands between $1.00 and $1.06. Buyers have continued to defend this range, helping to hold the price above this level.
Binance $XRP Reserves Fall to March Lows
Meanwhile, the change in wallet behavior matches a decline in Binance’s $XRP reserves. The exchange’s holdings dropped from around 2.78 billion $XRP on May 12 to about 2.61 billion by July 2, a reduction of roughly 170 million tokens, or close to 6%.
This drop brings Binance’s reserves to their lowest level since March 2026, and shows a gradual reduction in the amount of $XRP available for trading on the largest exchange by volume. This sort of decline often comes from steady withdrawals, not short-term changes.
A similar pattern appears on Upbit, though on a smaller scale. Specifically, $XRP reserves there fell from about 6.515 billion tokens on May 30 to 6.457 billion by July 2, a decrease of roughly 58 million $XRP. Together, Binance and Upbit have seen a combined drop of about 228 million $XRP.
Whale-Sized Withdrawals on Coinbase
While Binance shows strong overall outflows, Coinbase data reveals who is driving the withdrawals, as larger holders have started to enter the conversation.
Specifically, transactions above one million $XRP made up about 10% of total outflow value on June 16, but this share increased to 25.7% by July 1.
The change took place over about two weeks and showed that bigger wallets have become more active in moving $XRP off the exchange.
